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Reply to "Should the elderly have life insurance? (parents & "third party contact")"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]No. Life insurance is to replace income that someone else depends on. Also this sounds like a whole life policy which is always a bad financial deal. [/quote] I would never understand why someone doesn’t have life issuance. We have our house paid off since 2012, and we still have life issuance since 2000 when we were 50 years old. It’s only like $50 dollars a month it’s pocket change … one of us will get 500K one of us dies Tax free. If we die together then our daughter gets the money, if we outlived her then our grand daughter or if we were past 120 something than our future great grand children will get it [/quote] Term life insurance is very cheap when you're young. It becomes prohibitively expensive when you get old (or they won't write it at all). Your term is probably running out in the next couple years and you won't be able to get anything close to $50 a month at 75 or 80.[/quote]
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